Daily Archive: Thursday, October 23, 2008

ECB USD tender

[Skip to the end] Haven’t been able find the latest total on USD swap lines advances by the Fed. But at the last ECB tender they set the rate above ‘market rates’ and didn’t get a lot of takers for that reason. I suspected that would leave the market short USDs and ...Read More

Re: Russia/OPEC

[Skip to the end] (email exchange) Thanks! it’s all about price setting, as previously suspected. Warren >    >   On Thu, Oct 23, 2008 at 10:09 AM, Scott wrote: >    >   Moving on, we note that Russia and OPEC held high level talks >   yesterday in Moscow as President Dmitry Medvedev met with OPEC’s >   Secretary-General, Abdallah ...Read More

Re: IMF rumor

[Skip to the end] >    >   On Thu, Oct 23, 2008 at 9:51 AM, Scott wrote: >    >   And now a rumor that the IMF is putting together a $1 Trillion assistance >   package for EM >    Thanks, IMF USD lending is functionally the same as Fed lending via swap lines. This is on track ...Read More

Canada News | Ottawa to guarantee inter-bank lending

[Skip to the end] Excellent move! Someone finally understands that the CB demanding collateral from its own regulated banks is redundant for ‘local currency’ lending to member banks. The Fed should have done this long ago and saved a year of financial turmoil, as I’ve been proposing for a long time. This ...Read More


[Skip to the end] He’s not quite there. Yes, they need a ‘fiscal authority’ but he doesn’t see it’s function as providing the deficit spending necessary to sustain output and growth, though his mention of ‘currency printing’ could be stretched to suggest that. Instead, the focus is on collecting taxes to fund ...Read More


[Skip to the end] ECB on inflation- while interest rate cuts are likely (and in my honest opinion, won’t help anything), what they consider low unemployment and wage gains still a factor and making headlines and have been causing some footdragging. Trichet May Need to Prove ECB’s Inflation Credentials (Update1) By Ben ...Read More

2008-10-23 USER

[Skip to the end] Initial Jobless Claims (Released 8:30 EST) Continuing Claims (Released 8:30 EST) Jobless Claims ALLX (Released 8:30 EST) House Price Index MoM (Released 10:00 EST) House Price Index YoY (Released 10:00 EST) House Price Index ALLX (Released 10:00 EST) Initial Jobless Claims (Oct 18) Survey 468K Actual 478K Prior ...Read More